Phillips Company had the following adjusted trial balance: Account Titles Debit Credit Cash $27,270 Accounts Receivable 16,260
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Question:
Phillips Company had the following adjusted trial balance:
Account Titles | Debit | Credit | |||||
Cash | $27,270 | ||||||
Accounts Receivable | 16,260 | ||||||
Supplies | 9,050 | ||||||
Equipment | 37,000 | ||||||
Accumulated Depreciation | $7,200 | ||||||
Accounts Payable | 4,020 | ||||||
Deferred Rent Revenue | 1,530 | ||||||
Capital Stock | 18,130 | ||||||
Retained Earnings | 24,400 | ||||||
Dividends | 15,700 | ||||||
Commission Revenue | 62,900 | ||||||
Rent Revenue | 7,400 | ||||||
Depreciation Expense | 5,200 | ||||||
Utilities Expense | 9,600 | ||||||
Supplies Expense | 5,500 | ||||||
Total | $125,580 | $125,580 | |||||
The president of Phillips Company has asked you to close the books (prepare and process the closing entries).
Required:
After the closing process has been completed, answer the following questions:
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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